Mapfre S.A.

The stable outlook is based on our expectation that the group will be able to navigate the current macroeconomic and capital market uncertainties, profiting from its strong diversification by country and business lines. We also expect that the group will keep its capital position comfortably at the 'A' level, according to our capital model, backed by sound earnings and supporting Mapfre's growth and dividend targets. We could downgrade the group over the next 24 months if: Capitalization declined on a prolonged basis below our threshold for the 'A' level, based on our capital model. This could result from severe combined global and domestic financial market stress; Performance consistently deteriorates below our expectations with combined ratios (profit and loss) higher than

...S&P Global Ratings expects Mapfre Group will maintain its top ranking in the insurance markets of Spain and select Latin American countries. Mapfre is a well-established international insurance group that benefits from a strong brand name, a multichannel distribution strategy, and diversification by business line and geography. Mapfre continues to implement its strategic plan focusing on core markets with the aim to further enhance its underlying profitability and add diversity to the group's overall earnings. We expect gross premiums will increase by more than 6%, with some headwinds in technical results driven by high inflation in 2022. We believe that Mapfre will be able to show strong business growth in 2022, supported by further firming rates in the reinsurance business, some tailwinds from foreign currency movements in Latin America, especially in Brazil, and a positive premium development in Spain despite the termination of the business with Bankia....

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